Country Heights Holdings Bhd (-ve)
SHARES in Country Heights Holdings Bhd (fundamental: 0.45/3, valuation: 0.9/3) triggered our proprietary momentum algorithm for the first time this year.
The counter closed five sen or 3.55% lower at RM1.36 yesterday, giving it a market capitalisation of RM382.98 million. A total of 169,100 shares changed hands, exceeding the stock’s 200-day average volume of 52,628 shares. Its shares were trading below their book value.
Country Heights said it planned to raise RM1 billion to fund four projects in the pipeline. The funds would be raised through direct borrowings, bond issuance or strategic partnership. Previously, the group proposed a bonus issue of up to 137.85 million warrants to raise funds, to fund the property developer and investor’s working capital.
Country Heights pared down its net loss for the first quarter ended March 31, 2018 to RM2.4 million from a net loss of RM7.85 million a year ago. Revenue rose 9.99% to RM20.58 million from RM18.71 million mainly due to higher contribution from its hospitality and health division.